Renault says it will create French venture with Plug Power – MarketWatch

French automaker Renault
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+1.94%

said it’s signed a memorandum of understanding to launch a 50-50 joint venture with Plug Power
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+15.51%

in France by the end of the first half of 2021, targeting over 30% share of the fuel cell-powered light commercial vehicle market in Europe. The joint-venture will combine the vehicle manufacturing capabilities of Renault with the fuel cell and hydrogen system manufacturing knowledge of Plug Power, the companies said. Plug Power shares jumped 14% in premarket trade, while Renault added 1.5% in Paris.